Bitcoin Rallies On Stock Rebound, Will BTC Top $9k Today?

Bitcoin Rallies On Stock Rebound, Will BTC Top $9k Today?

Following a few days of sideways trading, bitcoin has rallied over the past few days as stock markets rebounded. Next targets are in the $9k area but analysts are not holding their collective breath.

Central bank stimulus hopes gave stock markets a much welcomed surge yesterday following their worst performing week for over a decade.

Crypto markets also benefitted, having a solid start to the week with a gain of almost $15 billion since they bottomed out at $240 billion yesterday. Total cap is currently over $250 billion and hopes of a renewed rally are starting to seep back in to the crypto-sphere.

Bitcoin Closes in on $9,000

The 3% gain has taken the asset back above $8,800 to tap resistance at the 200 hour moving average. It is now trading back above the 200 day moving average and heading towards resistance at the 50 day m.a. which lies around $9,150.

Crypto traders and analysts are looking for chart patterns and one has identified a head and shoulders wh

Elsewhere on Crypto Markets

As usual the rest of the digital lemmings have mirrored the price action of their big brother, some making even greater gains.

Ethereum has made it back to resistance at $230 with a 5% move on the day. It is only likely to shift gears again if BTC can top $9k today.

Ripple’s XRP has grabbed a little action also with 3.5% added while BCH takes 6% and BSV 9%. Litecoin has topped $60 again and EOS and BNB have grabbed 3% on the day.

Tezos is back up 5% tapping $2.75 and Chainlink surges even higher with a 9% move taking it to $4.25. These gains are just a natural bounce off the back of a painful week so nothing to get too excited about just yet.

The real test will come for bitcoin which must top $9k for any hopes of a renewed rally.